China Food

Nearly 14 billion yuan! Nestle is going to take over the upstart of food allergy therapy

Nestle SA CH-NESN


今天,雀巢宣布已与Aimmune达成最终协议,旗下的雀巢健康科学公司将收购Aimmune。后者是一家致力于开发和商业化可能威胁生命的食物过敏疗法的生物制药公司。


值得留意的是,在今年已披露金额的交易中,这是雀巢金额最高的一笔收购。

小食代留意到,雀巢健康科学首席执行官毕格瑞(Greg Behar)今天在路透社采访中透露,由于该公司已向Aimmune投资4.73亿美元,因此此次将支付不高于20亿美元的现金(现约合137亿元人民币)完成全资收购。

The Nestle circular said that the overall value of aimtune, including Nestle health science’s shares, was about $2.6 billion (about 17.8 billion yuan now).

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After sorting out the snacks agents, we found that in the mergers and acquisitions announced by Nestle this year, except for one purchase of pet food, the other acquisitions were aimed at Nestle health science. The latter focuses on consumer services (including nutrition products, vitamins and over-the-counter drugs) and medical nutrition products (including special medical food).

Before today’s latest acquisition, Nestle Health Sciences has made four investments this year, including the announcement to acquire zenprep, a majority stake in vital proteins, an American collagen brand, and im HealthScience, a healthcare company, and a $200 million increase in aimtune.


而从雀巢最近一次增持Aimmune到宣布收购,才过去大概短短半年。

据通报显示,雀巢健康科学最早是在2016年投资Aimmune。到今年1月,雀巢健康科学共对该公司进行过四次投资,总投资额4.73亿美元,在Aimmune中的持股比例约为25.6%。其中,约19.6%为普通表决权股份,剩余的为无投票权优先股。

在多次追加投资后,雀巢最后还是决定“花大价钱”买下这家有“抗过敏市场的颠覆者”之称的公司。

据通报披露的交易条款显示,雀巢将通过全资子公司Société des Produits Nestlé S.A.(下称SPN)用现金收购Aimmune剩余所有的流通普通股,每股收购价为34.5美元。

值得留意的是,与Aimmune 2020年8月28日收盘价的每股12.60美元相比,雀巢报价的溢价高达174%

Nestle said the offer still had to meet a series of conditions, including the acquisition of a sufficient number of ordinary voting shares in aimmune to approve the merger, the expiration or termination of the waiting period under the Hart Scott rodino antitrust Improvement Act of 1976, and other regulatory approvals. “Upon successful completion of the tender offer and other closing conditions, SPN’s wholly-owned subsidiary will merge with aimtune. Among them, aimmune will become the surviving company, and the outstanding shares not acquired by the offer will be converted at the consideration of US $34.50 per share. ” Nestle’s notice said.

Nestle said it planned to use existing funds to make the acquisition, which is expected to be completed in the fourth quarter of 2020, subject to customary conditions being met or exempted.


小食代留意到,CNBC今日引用的分析师评论称,这笔交易是雀巢健康科学在2017年收购Atrium之后的“另一个里程碑”。有趣的是,当年收购Atrium的行动也被外媒形容为雀巢CEO施奈德上任后一次“最勇敢”的行动。

Nestle CEO Schneider

Food allergy Market

In fact, there is a huge potential consumer group and unmet demand behind Nestle’s “luxury spending”.


“食物过敏不仅会破坏日常生活,还会威胁生命。”雀巢通报称:“全世界有多达2.4亿人患有食物过敏,其中花生过敏是最常见的。”小食代介绍过,曾有分析估计,花生过敏是一个价值30亿美元的市场。

而雀巢想买下的Aimmune恰恰拥有解决花生过敏的“法宝”:Palforzia。

Palforzia is an oral immunotherapy (OIT) used to reduce the possible allergic reactions caused by accidental contact with peanuts. Specifically, children and adolescents aged 4 to 17 who have been diagnosed with peanut allergy can start to use palforzia treatment, and can continue treatment in individuals aged 4 and above. It is worth noting that in January this year, the FDA approved palforzia’s listing. Nestle reported that palforzia was “the first and only” FDA approved treatment for reducing the frequency and severity of peanut allergy in children aged 4 to 17. “In addition to prevention, palforzia provides a long-term solution for patients with peanut allergy.”. “The acquisition is an expansion of Nestle Health Sciences’ food allergy portfolio, creating a broader range of solutions for children with food allergies.” Nestle said it expects the acquisition to boost its organic growth in 2021 and increase its cash revenue in 2022 / 23. “Nestle health science is expected to double its sales by 2022, and is expected to reach 3.3 billion Swiss francs (now about 25 billion yuan) by 2020, based on 2 billion Swiss francs in 2014,” biggery told Reuters today.


“1 billion dollars” potential

This “confidence” in aimmune is not only because palforzia has occupied a promising blank market in advance, but also partly because consumers will spend a lot of money on taking palforzia. In the United States, aimmune is expected to price palforzia at $890 a month (equivalent to about 6229 yuan). And biggery told Reuters today that palforzia has the potential to achieve $1 billion in sales. “Palforzia has 12 years of exclusivity, followed by global promotion, and they will also provide a technical platform for other food allergies under development.”. As introduced by the snack generation, aimmune also has treatments for egg and other nut allergies (ar201 and ar301). These are also common allergenic foods.

Gr é gory Behar, Global CEO of Nestle Health Sciences


对于收购Aimmune,毕格瑞在通报中称:“这项交易将令雀巢在营养科学领域的领导地位与食物过敏治疗领域中最具创新力的公司之一得到结合。” “我们将能共同提供广泛的系列解决方案,以能改变世界各地食物过敏者的生活。”

Aimmune总裁兼首席执行官Jayson Dallas则表示:“此次收购确保了Palforzia和我们的产品线能到一定程度支持,这将进一步提高它们(解决)全世界食物过敏患者(困扰)的潜力。”

Dallas还称:“与雀巢健康科学公司达成的协议令Aimmune团队多年来对使命的奉献和所创造的价值得到了认可。作为全球首个食物过敏疗法,Palforzia的上市已经改变了生物制药行业的游戏规则,以及数百万可能遭受生命威胁的花生过敏症患者的生活。”

China’s anti allergy Market

If the deal is completed, it is not clear whether aimtune’s products will be introduced into China. But one thing is certain, anti allergy products are also Nestle’s market in China. Shortly before the announcement of the acquisition, Nestle had introduced the anti sensitive products of foreign companies participating in the investment into the Chinese market. As introduced by the snack agent, in July this year, Nestle Health Science announced the launch of its “spoonfulone spoonfulle” as an anti allergy supplementary food for infants and young children through cross-border e-commerce. In the future, it plans to enter the offline channel in China through general trade. The brand belongs to before brands, a company invested by Nestle Health Sciences in September last year, which is the technical authority on early childhood allergy prevention. Through this investment, Nestle Health Sciences has obtained the exclusive license right of its products outside the United States and has the right to purchase all the remaining equity of before brands in the future.


在引进匙倍乐前,雀巢健康科学两款“牛奶蛋白过敏的宝宝可以喝的奶粉”肽敏舒、蔼儿舒也在今年宣布获批特医食品注册许可,拿到了在中国市场销售的资质。

早前,雀巢健康科学大中华区总裁兼雀巢健康科学(中国)有限公司总经理顾欣鑫曾指出,未来几年,面向儿童及成人过敏的配方产品将是在中国市场增长潜力巨大的品类之一。

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